Also moving with the team are Registered Client Service Associate Stephanie Schmidt, Thomas' wife, and Client Service Associate Susan Rutledge.

A Wells Fargo spokeswoman was not immediately available for comment.

Last week, St. Louis-based Stifel said it was acquiring City Financial, an Indianapolis-based firm with a public finance business and a wealth management unit that has 40 financial advisers overseeing about $4 billion in client assets.